A joint venture between Helical plc and Places for London has conditionally exchanged contracts on the sale of its purpose‑built student accommodation scheme at the Southwark over station development, via a forward funding agreement, to a vehicle wholly owned by Places for London.

The PBSA comprises 429 high‑quality student studios, new retail space and substantial public realm enhancements, and is situated above the Grade II listed station. The scheme includes 44 affordable homes and associated community facilities. Places for London, through a wholly owned vehicle, will forward fund and own the 429 PBSA building and retail adjacent to and on top of Southwark Tube station.

Rob Sims, Chief Investment Officer, Helical plc, said: “By leveraging our extensive central London development expertise, we were able to quickly identify the best value use for this extremely well-located site in a highly supply constrained PBSA submarket, achieving planning consent in March 2025. Securing this forward funding prior to commencing main construction works has now enabled a once capital-intensive office scheme to be restructured into a highly equity efficient development opportunity, derisking the returns for the JV.  

“We now look forward to delivering a best-in-class PBSA asset, alongside important affordable housing for the London Borough of Southwark, and exploring potential new opportunities for similar transactions.” 

As part of the transaction, the JV has forward sold the nine‑storey affordable residential building adjacent to the PBSA to the London Borough of Southwark.

Construction is scheduled to commence later in 2026, with completion targeted for 2029, in time for the start of the 2029/30 academic year.